Albany, NY -- (SBWIRE) -- 03/15/2017 -- The degree of competition in the global industrial automation market is likely to remain high during the forecast period of 2016 and 2024, says Transparency Market Research (TMR) in a research report. The services and products offered by leading vendors do not very from each other and thus cannot be differentiated. With very less differentiation, the companies operating in the market are focusing on the development of new technologies and products that will help in delivering commercial excellence. They prime area of focus for these companies is likely to be functional transformation. As a result of this, the competition among the players operating in the market is likely to grow intense over the coming years. The leading four companies, Rockwell Automation, Mitsubishi Electric Corporation, Fanuc Corporation, and ABB Ltd., accounted for a share of 12.2% in the market in 2015.

According to a TMR analyst, "The global industrial automation market is likely to exhibit a 6.6% CAGR from 2016 to 2024. The market was valued at US$182.64 bn in 2015 and is likely to touch US$352.02 bn by 2024."

Energy and Power to Lead among Industries Employing Industrial Automation

Industrial automation in energy and power system is expected to aid the industries to decrease the cost power generation along with the maintenance cost. It is a challenge for power system operators to provide reliable energy and power to consumers owing to which the need for automation is increasing. Automation is expected to help the industry to easily control and monitor the grids so that fast response in real time events is ensured. Leading the market, the energy and power segment is likely to rise to a valuation of US$37.23 bn by the end of 2024. The need to improve productivity and reduce the cost of implementation is eventually high in this segment, thus making it the leading industry in terms of adoption of industrial automation. Other industries which are prominent in deploying industrial automation are hydro power, pulp and paper, and automotive and transportation. The prime trends impacting automation in these industries are rising focus on decreasing the cost of production and increasing efficiency and productivity.

Region-wise, the global industrial automation market was led by Europe in 2015 with a share of 29.71% in the same year. It is expected to retain a lead until the end of the forecast period with a share of 29.89% in 2024. The market for industrial automation in Europe is being bolstered by the presence of numerous industries striving to automate their manufacturing processes and enhancing their productivity. The industry contributing to the growth of the market in the region is energy and power and hydro power with neck to neck competition.

Growing Use of Advanced Technology to Drive Market Growth

Growing use of new technology is expected to drive the global industrial automation market during the forecast period 2016–2024. New industrial automation technologies such as simplified user interfaces, easy robotic programming, improved gripper technology, and better vision-guided systems are helping industrial automation companies in enhancing their manufacturing operations. The industrial automation market is likely to exhibit substantial growth in areas such as automotive and transportation, metals and mining, oil and gas, and pulp and paper, among others. Companies such as Universal Robots, ABB, and Rethink Robots have introduced new robots than can work alongside humans, thus reducing the work load for employees.